Phoenix Homes & Scottsdale Homes for sale – Arizona Short Sales

In the 2011 real estate market it has been very difficult for buyers of higher end properties to find favorable loan terms.  We have a local lender here in Phoenix that specializes in super jumbo loans for high end properties (Over 1 Million dollars).  These loans are available for luxury properties anywhere in the Phoenix area including Scottsdale & Paradise Valley.  Here is some more information:

Super Jumbo Loan Financing –

Purchases, construction, cash-out, refinances , rehabs, equity lines or investment
LTV up to 75%
Pricing starting at 5.5%
No prepayment penalties
Minimum credit score 650
Self-employed
Loans can be titled in personal, trust or entity name
Loans up to $3,000,000
75 day lock period

Investor Loan Financing –

Purchases, construction, cash-out, refinances, rehabs, or equity lines
LTV up to 80%
Pricing starting at 5.5%
No prepayment penalties
Minimum credit score 650
Loans up to $3,000,000
75 day lock period

These loans are available now and this is a direct lender, not a broker.  If you are looking for a luxury property to occupy, for investment, or for a 2nd home please let me know as we can help!

I can be reached at (480) 241-4406 or at Sean@AzHomeHelp.com

Feel free to use our free search tools to find local homes for sale at www.ScottsdaleHomeSite.com & www.ParadiseValleyHomeSite.com.

Effective April 18, 2011 FHA MIP will increase 25 basis points.  Although this may not seem like a huge amount, it will take some people who are right on the cusp of qualifying out of the buying market and push them back into the rental market.FHA still only requires 3.5% down for most borrowers and rates are fantastic — now is definitely a good time to buy a house with an FHA loan!

Fannie Mae is now offering HomePath incentives.  Here is the info direct from the Fannie Mae site:

Fannie Mae wants to help more buyers afford to purchase their new home. That is why we are offering up to 3.5% in closing cost assistance for HomePath® properties beginning April 11 through June 30, 2011. Eligibility Details Initial offers must be submitted on or after April 11, 2011. Buyers must be owner occupants (i.e., the home will be their primary residence), and buyers are required to sign an Owner Occupant Certification Rider to the Purchase Addendum with all initial offer submissions. Sale must close on or before June 30, 2011.

Other restrictions apply.

For more information about the offer including the terms and conditions, visit the Special Offers tab at HomePath.com.

 Search HomePath.com today for the most updated list of properties. And remember, all owner occupants enjoy a 15-day preview of all HomePath properties — without competition from investors — through Fannie Mae’s FirstLookTM period.

US House of Representatives voted this week to terminate the HAMP, or Home Affordable Modification Program, although it probably wont see much more action as the White House has already said it will veto it if it makes it that far.

HAMP may not need terminated but it definitely needs looked at and revamped.  Once promising to help 4 million American homeowners it has pretty much fizzled into a weakly built program helping less than 500,000.  Changes need to be made and the policies need to be adjusted in order to help a larger portion of the country.

Watch out for fraudulent deals and con men!!  It sounds almost silly but with a down real estate market the swindlers looking to make a fast buck are migrating to hard hit areas like Nevada, Arizona, California, & Florida and they are dragging their bags of tricks with them.

Risk analytics firm Interthinx said that the nation’s fraud index value sits at 144 but Nevada, Arizona, & California have fraud indexes of 247, 222, and 180 respectively.  

When dealing in Arizona real estate be sure you are talking to a professional.  If it’s an Arizona realtor, be sure they work for a legitimate brokerage, have references, and can provide a track record of successful transactions.    If it’s an Arizona lender/mortgage broker be sure they are certified, have references, and can also provide a record of successful transactions.  If it’s someone off the street saying they will buy your house with some sort of deal then be skeptical and consult an expert!!  

Remember, if it sounds too good/fishy/funny/amazing to be true, it probably is!!